Infrastructure investor Actis has launched Nozomi Energy in Japan, a $500 million renewable energy platform that will focus on generating 1.1 gigawatts of onshore wind and solar power by 2027.
Actis said it has signed its first investment and seed asset for Nozomi Energy, acquiring 100% of Hergo Japan Energy, which has been an investor in the renewable energy sector since its establishment in 2013. Actis said Hergo Japan Energy has a portfolio of operating and development-stage solar and onshore wind projects totaling around 230 megawatts along with multiple early-stage projects.
To aid Japan’s commitment to reduce greenhouse gas emissions by 46% from its 2013 levels by 2030, Nozomi Energy will focus on generating and delivering onshore wind and solar energy. Actis will use the Actis Impact Score, its proprietary measurement framework, to define and measure positive outcomes of the renewable energy platform.
Head of Actis Japan Jun Ohashi said the country has put challenging but critical emission reduction targets in place, and Nozomi will play an important role in making these targets attainable.
“Through this well-funded new platform, we want to create another industry leader in renewable power,” Ohashi said. “It should have a positive impact both in terms of decarbonization and by creating local jobs and supporting communities, while still making superior returns for our global investors.”
The deployment of renewable energy technologies in Japan and North Asia by Actis will enable the region’s energy transition and support a shift to a low-carbon economy. According to the World Economic Forum, Japan is one of 136 countries that have pledged climate commitments of net zero by 2050.
The company will also focus on ensuring a strong positive social impact during the life of the investment, through new local employment opportunities and supporting community investment.
A dedicated management team has been recruited to run Nozomi Energy and deliver its buy-and-build strategy. Jose Antonio Millan Ruano, an energy professional with around 20 years of renewables experience – 11 of those being in Japan – will lead the team at Nozomi Energy. Hergo Japan Energy’s current CEO, Minoru Saito, will remain with the new platform as vice chairman and head of wind energy at Nozomi Energy.